Bitcoin news - SEC Cyber Unit - China Ban - Japan's Surveillance / September 26, 2017
Well, some news and regulations from the last days.
SEC has announced:
US
SEC Announces Enforcement Initiatives to Combat Cyber-Based Threats and Protect Retail Investors
They don't mention bitcoin or crypto currencies but in all that they leave space for legal actions
targeting cyber-related misconduct and the establishment of a retail strategy task force that will implement initiatives that directly affect retail investors
While this initiative is not solely about crypto currency it could also help for approving Bitcoin related products or just to let them do what they want.
It could have a positive way to stop scammers go like crazy in this new fund raising model right now.
Also, all enumerations there could lead to any interpretation good or bad..
But, for general matter it is not a final step took against Bitcoin world. This is just a first door. We shall see what's their next move regarding Bitcoin.
CHINA
China has already banned the fundraising through ICO's (Initial Coin Offerings) and all the digital currency exchanges. The exchanges will be shutdown till the end of october 2017 (the ban was made officially last week).
See details in my other post:
China Bitcoin's Exchanges news - Shutdown Orders and when they close - september 16, 2017 — Steemit
But for now, it is not known if they intend to ban the possession and the mining of bitcoin (production of the digital currency).
That leaves the miners and the holders in the air for the moment.
ViaBTC for example, one of the big Chinese exchanges has two bitcoin mines. And having the exchange shutdown, they are now basing all on mining.
If mining will be banned too... things will get ugly for them and all other miners.
If that happens, the miners need to move elsewhere. Then, it could be a possibility that China will export cheep electricity for that companies. This are suppositions, but it can be a case...
Reasonable steps for this action? Like in US, it could be the best way to protect investors at this early stage.
Although, i wouldn't compare with US... China government has more brain than lot of other governments together.
Bitcoin fluctuation during these news (aug-sept, 2017):
Bitcoin was at his hystorical high at about $5000. Then, after the news has come it dropped down and remained under $4000, the highest $4975.04 (Sep 02, 2017) lowest being at $2946.62 (Sep 15, 2017)
referrence:
Bitcoin (BTC) Historical Data | CoinMarketCap
Regarding these news John MacAfee said in his interview:
We're talking about a decentralized world. A decentralized process, where peer to peer activities is common. Well, you can't legislate that. Or, you can, but how are you going to enforce it? You'll have to have an enforcer in everybodys home. Well, you can't do that...
Mr. MacAffee is running his own mining company and he say that in the end government will lose if they totally ban bitcoin now.
JAPAN
To remember: Japan legalized Bitcoin in April 2017. Also, FSA, have a team of 30 people who will examine exhanges security practices and separation assets from their own.
According to the Japan Times:
The Financial Services Agency will put virtual currency exchanges operating in the country under full surveillance from October, officials have said.
The FSA will monitor whether the exchanges for bitcoin and other digital currencies have appropriate internal systems, including ones to protect customer assets. If necessary, the agency will carry out on-site inspections.
source: Virtual currency exchanges to be put under surveillance by FSA | The Japan Times
BUT, they let the crypto currencies go in exchanges run by private companies (more than 20 in Japan). They said that all crypto exchanges must be registered with authorities by the end of september 2017.
So, here it goes well.
Ok, ok with one bad example of Mt Gox exchange which collapsed in 2014, with millions of dollars in customer's funds. Japanese said then that this failure has been a key point for regulating the cryptocurrency industry.
China bans to cryptocurrency exchanges could lead if hasn't yet, to make Japan the largest bitcoin exchange market in the world, leading more traders to migrate to Japanese and South Korean markets.
Also, Japan it could beat China's dominance in mining power with their new 7nm (7 nanometer) chips.
Headquartered in Tokyo, GMO IG comprises more than 60 companies in 10 countries. GMO IG’s size and financial muscle, as well as the novel technologies it wants to leverage, will make it a serious entrant in the Bitcoin mining industry, and one that could have a disruptive impact.
source: Japanese Company Will Launch New Bitcoin Mining Operation With 7 nm Chips
Lol, will we trust Japan miners then? Can't wait to see that move with new chips.
So, things are starting to have a road to regulations. That could mean good and also bad. But, with all the already big and known exchanges like Coinbase, Poloniex, Kraken and others, that could do everything they can with your holdings, it must be a way to make them be responsible for their actions.
Now, it will matter if the governments will just want to have all for them or will they give the new technology go in a right way.
Other sources:
SEC Takes Initiatives To Face Cyber-Based Threats, Protect Retail Investors
China’s bitcoin miners in limbo after Beijing shuts down exchanges | South China Morning Post
Report: China Bitcoin Exchange Ban Won't Affect OTC Trading | Fortune.com
(2) McAfee Says China ICO Ban Won't Halt Cryptocurrencies YouTube
Japan's Financial Services Agency to Watch Bitcoin Exchanges | Fortune.com
my other crypto news:
China Bitcoin's Exchanges news - Shutdown Orders and when they close - september 16, 2017 — Steemit
Bitcoin FUD / SLAP / or new BEGINNING - WHAT TO DO in this moments (Jaime Dimon threats, China bans) - september 15, 2017 — Steemit
plus more on the blog
Till next time,
Cheers and good steemit time!
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Bitcoin news - SEC Cyber Unit - China Ban - Japan's Surveillance / September 26, 2017
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